USD/JPY: Bears continue to guard 113 barrier, Fed in focus


  • BoJ minutes, Kuroda’s comments keep the Yen undermined.     
  • But capped by 113 as US-China trades tensions limit further upside.  

The USD/JPY pair is seen consolidating the upside within a familiar range in the European session, having failed another attempt to take out the 113 handle.

The spot remains supported by broad Yen weakness after the Bank of Japan (BoJ) minutes released earlier today. The minutes revealed that a few officials are concerned about the dangers of the ongoing ultra-easy policies. Meanwhile, the latest remarks from the BoJ Chief Kuroda also weighed negatively on the Yen.

But, the downside in the Yen appears capped amid looming US-China trade concerns, which tends to boost the safe-haven demand for the Yen. Meanwhile, the US dollar remains on the back foot across its main peers ahead of Wednesday’s FOMC decision, further restricting the upside attempts in USD/JPY.

All eyes now remain on the US CB consumer confidence data and US-China trade woes-related headlines for near-term trading opportunities. Upbeat US macro news could provide the much-needed impetus to the USD bulls that could push the rates above the 113 handle.

USD/JPY Technical Levels

FXStreet’s Analyst Omkar Godbole, noted: “The spot looks set to test 113.40 (target as per the measured height method) in a day or two, having witnessed a bull flag breakout on the hourly chart. Further, a series of higher highs and higher lows, ascending 50-hour, 100-hour and 200-hour moving averages indicate the path of least resistance is on the higher side.”

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD struggling to hold above 1.1000

The EUR/USD pair is trading at one-month lows just above the 1.1000 level, undermined by softer-than-expected EU data and persistent uncertainty surrounding the US-China trade relationship.

EUR/USD News

GBP/USD stuck around 1.2850

The Pound traded lifeless this Tuesday, confined to familiar levels against most rival despite mixed employment data and mounting tensions heading into December’s election.

GBP/USD News

USD/JPY hits fresh lows under 109.00 as Wall Street erases gains

The USD/JPY pair printed fresh lows during the American session as equity prices moved off highs in Wall Street.

USD/JPY News

Gold: Remains vulnerable near 3-month lows

Gold remained depressed through the mid-European session on Tuesday and is currently placed near three-month lows, just above $1450 level. 

Gold News

Bitcoin: Google's threat, halving, and the best cost strategy

Google threat Bitcoin ecosystem with its Sycamore Quantum Computer. According to experts, the next halving in the Bitcoin mining rewards will occur on May 14, 2020. Dollar-Cost Averaging strategy has yielded a return of over 500 % since 2014.
 

Read more

Forex MAJORS

Cryptocurrencies

Signatures